CARMEL, IN--(Marketwired - May 1, 2014) - KAR Auction Services, Inc. (NYSE: KAR), a provider of used and salvage vehicle auction services, announced that effective today John Kett has assumed the position of chief executive officer and president of Insurance Auto Auctions, Inc. (IAA), the company's leading live and live-online salvage auto auction subsidiary.
Kett formerly served as the president and chief financial officer of IAA. He has worked for IAA for more than 12 years, and has played an integral role in developing and directing the company's strategy, helping IAA grow into a national company with $830 million in annual revenue and more than 160 locations across North America.
"For more than a decade, John has been a well-respected and exemplary leader at IAA in a variety of senior management roles," said Jim Hallett, KAR CEO. "He has played a critical role in the development of IAA's position as a leader in the salvage industry, expanding the company's facility footprint and creating innovative technology platforms that enhance the customer experience. I am confident John and his team will take IAA to the next level."
"I look forward to continuing to deliver the highest levels of value and customer service which is the core of our business," said John Kett. "IAA is well positioned to continue being an industry leader, and I am honored and excited about this opportunity."
Kett assumes the role of CEO from Tom O'Brien, who announced his decision to step down on January 9, 2014. O'Brien will remain a member of KAR's board of directors until the company's next annual meeting of stockholders to be held on June 10, 2014, at which time he will step down from the board.
About KAR Auction Services
KAR Auction Services, Inc. (NYSE: KAR) is the holding company for ADESA, Inc. ("ADESA"), Insurance Auto Auctions, Inc. ("IAA"), and Automotive Finance Corporation ("AFC"). ADESA is a leading provider of wholesale used vehicle auctions with 65 North American locations and its subsidiary OPENLANE provides a leading Internet automotive auction platform. Insurance Auto Auctions is a leading salvage vehicle auction company with 165 sites across North America. Automotive Finance Corporation is a leading provider of floorplan financing to independent and franchise used vehicle dealers with 105 sites across North America. Together, KAR Auction Services provides a unique, comprehensive, end-to-end solution for our customers' remarketing needs. Visit karauctionservices.com for additional information.